A Comparison of the Republican Presidential Candidate’s Economic Plans

Bookmark and Share    As Republicans try to figure out who will be the best candidate to run against President Obama, the economy remains the number one issue affecting voter opinion in the general election for president.  And with projections of unemployment reamining high, long into 2012, combined with a way too slow rate of economic growth, rising prices and debt, low consumer confidence, and a host of other negative economic indicators that offer little hope for a turnaround, it looks like the economy will remain the top issues in 2012. 

As such, White House 2012 has prepared a chart that compares each of the Republican presidential candidate’s econmic plans to one another. 

In the chart you will see exactly where each candidate stands on such things as the personal and corporate rates, repatriation of corporate profits made overseas, Sarbanes-Oxley, Dodd-Frank, capital gains and death taxes, spending, and more. 

Hopefully this comparison will serve as a quick and handy summation of the similarities and differences between the candidates.  But no matter how helpful it may be, there is no substitution for knowing exactly what each candidate is proposing.  They say the devil is in the details and that is the truth.  While summaries are nice, knowing precisely what is involved is far better.  That is why in addition to our summary comparison chart, White House 2012 is also providing you with the links to each candidate’s actual economic plan.  Some are more detailed than others and in that area, the most comprehensive plan of all out there is the plan outlined in Mitt Romney’s “Believe in America” proposal. 

While the details that Romney offer are commendable, there is also a commendable trend toward to simplicity that is being offered in the 2012 cycle. Each of the candidates are proposes a flatter” tax code with less brackets, and several are proposing an all out flat tax. Such simplification is welcome but they also involve more than just one single tax for all. So I advise you to take a good look at each candidate’s individual plan. Decide for yourself who has the best command of this most important issue and who has the best plan to deal with it.  Below the chart, you will find links to the most detailed information on their economic plans made available by their campaigns.

Click on the name of each candidate to review the details of their economic plans

Michele Bachmann

Herman Cain

Newt Gingrich

Jon Huntsman

Ron Paul

Rick Perry

Mitt Romney

Rick Santorum

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Perry gets one chance to resurrect his election campaign with his Tax Plan.

Bookmark and Share   After a difficult month which saw him plummet in most national polls, Governor Rick Perry, today launched his much anticipated Flat Tax plan. Making the announcement, Perry said, “The goal of my ‘Cut, Balance and Grow’ plan is to unleash job creation, address the current economic crisis, while at the same time generating a stable source of revenue to address our record deficit and put our fiscal house in order.”

“The flat tax will unleash growth but growth’s not enough,” Perry said. “We must put a stop to this entitlement culture that risks the financial solvency of this country for future generations. I mean the red flags are alarming.”

Perry called for corporate tax reform, including a one-time reduced tax rate of 5.25% for businesses that bring their profits that are parked overseas back to the U.S.

The U.S. Chamber of Commerce estimates this one-time tax reduction would bring more than $1 trillion in capital back to the U.S. create up to 2.9 million jobs, and increase economic output by $360 billion,” he said.

“In other words, it’s the kind of economic stimulus President Obama could have achieved if he wasn’t hell-bent on passing big government schemes that have failed American workers,” he said.

Perry’s plan may seem very attractive and indeed, the most attractive aspect of the plan is that it gives most American’s a “Choice.” It doesn’t stipulate you must do X, it says to ordinary American’s you have these two options, A or B.

As we saw recently with Herman Cain’s plan, people like simplicity however, Governor Perry is going to come under intense scrutiny over the next week from the media regarding his plans. I welcome the plan because it is a departure from previous elections and like Herman Cain and Newt Gingrich, it is bold in wanting to reform the unnecessary tax code which, most American’s having mountains of paperwork to work through annually to get their tax returns completed.

The one big problem I see with Governor Perry’s plan ironically, is the very person who has been credited with lending Perry a lot of support in establishing it, Steve Forbes. Inside the first hour, I witnessed Forbes on a major media outlet supporting the plan.

I admire Steve Forbes and in fact, it was his innovative thinking back in the 1996 campaign that many credit as the root of today’s Perry plan. The harsh fact is this however, Perry needs to be able to convince American on his own and sell them the plan on his own. Herman Cain has been doing it with his 9-9-9 plan, former speaker Gingrich with his “New Contract for America,” and even President Obama has been touring the country trying to sell his jobs bill.

Perry needs to show American’s on a national stage that he can demonstrate the leadership qualities and convince them about the direction he wants to take the country. In the $17 million dollars he raised in the last quarter, $10 million of that came from within Texas, he’ll need extend his appeal beyond the Lone Star State to prove a credible and serious challenger to President Obama nationally.

While I like the “Choice” feature of Governor Perry’s plan, the next week is crucial. He needs to stand independent of Steve Forbes and sell his own ‘Cut, Balance and Grow’ plan and hopefully, Perry’s communication’s team, will have already set it up for Steve Forbes, to limit his air time talking about Perry’s plan.

My experience about business dealing in America tells me one thing; American’s admire creativity and innovation. If Perry stumbles during interviews or gets labelled as Steve Forbes 2.0 his chances of resurrecting his campaign nationally will all but disappear. I wish the Governor well however.

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